Housing professionals said the psychological effect on homebuyers and sellers is immediate

In September, two out of three homebuilders used incentives and 38% cut prices by 6% on average

The Federal Reserve on Wednesday raised its benchmark interest rate to a target range of 3.75% to 4% after holding rates steady for five straight meetings, responding to persistent inflation and a still-solid labor market. It was the first rate hike since 2023. The move, widely anticipated by markets, tested Fed Chair Kevin Warsh’s resistance